Buying a holiday home? Here's some tips...

Don’t let your heart rule your head. Before purchasing, obtain an independent valuation and property survey to identify potential problems e.g. subsidence, damp, flooding and seek expert legal advice. Any findings could help you negotiate the price.

Can you legally rent the place? If it’s a flat/apartment then running a holiday let may not be allowed within the leasehold.

Consult the local planning authority to investigate any planned developments in your area? A new motorway, housing estate or train line could have a detrimental effect. On the other hand, a golf course or cycle trail could add to its appeal.

If it’s about the financials, then invest for high rental yield to maximise your income over potential capital gains. Do the numbers all add up?

If you are buying your holiday let for maximum rental yield, don’t be beholden to your own choice of location. You may like a remote hideaway miles from anyone with no internet connection, however, that doesn’t mean that it will appeal to all guests.

If the property is an established holiday let and the vendor is adding a premium for the rentals, ask the current owner for evidence of previous rental income. Don’t overpay for the established business if the figures don’t stack up.

Research sites such as Rightmove/Zoopla for sold prices for similar properties. Establish if the house has been reduced and how long it’s been on the market, use this information to negotiate. Rightmove alerts are great for being the first to hear about properties with the right features in your preferred area.

So many different styles of property can be a successful holiday home; a traditional cottage with original features, a large house with a great communal area, a barn conversion with all the mod-cons, or a stylish apartment in a prime location such as York. 

To get up and running quickly, you may prefer an existing holiday home. But remember the property needs to work as a business, so try not to get too emotionally involved along the way… easier said than done! 

Two-bedroom houses are the most popular purchases, though there is also more supply on the holiday letting market. Consider that a 2-bed property with en-suite bathrooms will receive a higher occupancy over a 3-bed property with one family bathroom. 

Bigger houses are a great investment, with plenty of demand from groups and families and less on the market. In a larger house try to create sociable kitchen diners, as well as quiet areas where individuals can break away. Outside space is important, and a hot tub is always a winner for driving bookings.

Barn conversions usually feature original features, outside space, and a lovely rural location. If you are lucky enough to have unused farm buildings, these can be a profitable way of diversifying.

If there is space to incorporate an en-suite bedroom on the ground floor then this is definitely worth considering. This will make the property much more appealing for guests with reduced mobility, and suitable for multi-generational groups.